Amgen (NASDAQ:AMGN) Price Target Raised to $294.00

Amgen (NASDAQ:AMGN) had its target price increased by Bank of America from $275.00 to $294.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an “underperform” rating on the medical research company’s stock. Bank of America‘s price objective would suggest a potential downside of 6.88% from the stock’s current price.

AMGN has been the topic of a number of other reports. Redburn Partners dropped their target price on shares of Amgen from $200.00 to $195.00 in a report on Wednesday, November 27th. Jefferies Financial Group restated a “buy” rating and issued a $380.00 price objective on shares of Amgen in a research note on Tuesday, November 12th. Leerink Partners reduced their target price on Amgen from $349.00 to $302.00 in a research note on Wednesday, November 27th. Royal Bank of Canada restated an “outperform” rating and issued a $324.00 price target on shares of Amgen in a research note on Friday, January 24th. Finally, StockNews.com downgraded Amgen from a “strong-buy” rating to a “buy” rating in a report on Wednesday, December 18th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $314.95.

Amgen Stock Up 1.1 %

AMGN stock traded up $3.53 during midday trading on Wednesday, hitting $315.72. The company’s stock had a trading volume of 842,377 shares, compared to its average volume of 2,539,495. The company’s fifty day moving average price is $282.76 and its 200 day moving average price is $299.66. The company has a debt-to-equity ratio of 9.62, a current ratio of 1.26 and a quick ratio of 0.95. Amgen has a twelve month low of $253.30 and a twelve month high of $346.85. The stock has a market capitalization of $169.60 billion, a P/E ratio of 41.82, a PEG ratio of 2.63 and a beta of 0.56.

Amgen (NASDAQ:AMGN) last released its earnings results on Tuesday, February 4th. The medical research company reported $5.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.04 by $0.27. Amgen had a return on equity of 176.32% and a net margin of 12.24%. As a group, equities research analysts predict that Amgen will post 20.62 EPS for the current year.

Insider Activity

In other news, EVP Jonathan P. Graham sold 25,045 shares of the business’s stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $293.12, for a total value of $7,341,190.40. Following the transaction, the executive vice president now owns 28,987 shares in the company, valued at approximately $8,496,669.44. The trade was a 46.35 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP David M. Reese sold 25,225 shares of the stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $304.44, for a total value of $7,679,499.00. Following the sale, the executive vice president now owns 36,922 shares of the company’s stock, valued at approximately $11,240,533.68. The trade was a 40.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 69,341 shares of company stock valued at $20,644,335. Insiders own 0.69% of the company’s stock.

Institutional Trading of Amgen

Several hedge funds have recently modified their holdings of AMGN. Swedbank AB boosted its holdings in Amgen by 1.1% in the third quarter. Swedbank AB now owns 538,899 shares of the medical research company’s stock worth $173,639,000 after acquiring an additional 5,751 shares in the last quarter. Crestwood Advisors Group LLC lifted its holdings in shares of Amgen by 0.5% in the 3rd quarter. Crestwood Advisors Group LLC now owns 10,515 shares of the medical research company’s stock worth $3,388,000 after purchasing an additional 55 shares in the last quarter. Avidian Wealth Enterprises LLC grew its position in Amgen by 0.6% in the 3rd quarter. Avidian Wealth Enterprises LLC now owns 5,863 shares of the medical research company’s stock valued at $1,889,000 after purchasing an additional 33 shares during the period. Beacon Financial Advisory LLC grew its position in Amgen by 4.6% in the 3rd quarter. Beacon Financial Advisory LLC now owns 769 shares of the medical research company’s stock valued at $248,000 after purchasing an additional 34 shares during the period. Finally, Catalina Capital Group LLC increased its stake in Amgen by 10.1% during the 3rd quarter. Catalina Capital Group LLC now owns 2,330 shares of the medical research company’s stock valued at $751,000 after purchasing an additional 213 shares in the last quarter. Institutional investors own 76.50% of the company’s stock.

Amgen Company Profile

Amgen Inc discovers, develops, manufactures, and delivers human therapeutics worldwide. The company's principal products include Enbrel to treat plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Otezla for the treatment of adult patients with plaque psoriasis, psoriatic arthritis, and oral ulcers associated with Behçet's disease; Prolia to treat postmenopausal women with osteoporosis; XGEVA for skeletal-related events prevention; Repatha, which reduces the risks of myocardial infarction, stroke, and coronary revascularization; Nplate for the treatment of patients with immune thrombocytopenia; KYPROLIS to treat patients with relapsed or refractory multiple myeloma; Aranesp to treat a lower-than-normal number of red blood cells and anemia; EVENITY for the treatment of osteoporosis in postmenopausal for men and women; Vectibix to treat patients with wild-type RAS metastatic colorectal cancer; BLINCYTO for the treatment of patients with acute lymphoblastic leukemia; TEPEZZA to treat thyroid eye disease; and KRYSTEXXA for the treatment of chronic refractory gout.